Kristal.AI, a private wealth management platform, has raised over $10 million in its pre-series B investment round.
Investors participating in the round, in addition to the founders of Kristal.AI Chiratae Ventures, include the Sanadhya family, Desai Family Office, Stride Ventures and unnamed high net worth individuals (HNWIs).
This brings the startup’s total funding to more than $27 million. This round complements the $6.3 million funding raised in March 2021.
Also Read: Kristal.AI Expands to ESOP Liquidity Offerings
Kristal.AI will use the new capital to expand into new markets and drive product and platform innovation.
Asheesh Chanda, Founder and CEO of Kristal.AI said. “The affluent and emerging high net worth investor (HNWI) class in Asia continues to grow exponentially, with total financial wealth on the continent projected to reach US$68 trillion by 20251. This funding round will help us continue to innovate, digitize and tailor our solutions for current and potential customers.”
Founded in 2016, Kristal is a digital-first private wealth advisory and fund management group serving high net worth clients worldwide. She specializes in advising clients on highly personalized investment portfolios. It has investment product suites that include over 200 premium funds such as B. Private equity/venture capital funds and structured notes.
Even the hard-to-access products like pre-IPO deals are available.
Other offerings from the group include an asset management mandate, digital family office, variable capital company and robo-advisor portfolios.
Kristal.AI has over 180 employees in Singapore, Hong Kong, India and the United Arab Emirates.
It operates in Singapore under a capital markets services license regulated by MAS. It is also licensed and operating in Hong Kong and India.
The company claims it tripled its assets under management (AUM) to surpass $1 billion in August 2022 and grew its user base by over 50 percent year-on-year.
Also read: Wealthech startup Kristal AI wants to democratize private banking
Alongside this funding announcement, Kristal.AI also announced its application for an ADGM license to expand into the UAE. The license is subject to approval by the Financial Services Regulatory Authority (FSRA).
Gaurav Rustagi, Chief Growth Officer at Kristal.AI, commented. “The Middle East region has at least $35 billion in AUM and is home to a large population of high net worth and HNWIs. Over the years, the UAE has steadily built its reputation as a hub for wealth management, buoyed by factors such as an open economy, strict compliance and governance, a progressive regulatory environment, a welcoming environment for business and an abundance of talent.”
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